A senate RESOLUTION

 

TO RECOGNIZE AND HONOR Kingstree Federal Savings and Loan upon the occasion of its one hundredth anniversary AND TO commend it for a century of BUSINESS in south carolina.

 

Whereas, the members of the South Carolina Senate are pleased to recognize Kingstree Federal Savings and Loan upon its one hundredth anniversary; and

 

Whereas, in early 1926, a group of Kingstree business leaders, headed by Mr. W. H. Welch, saw a need to provide a safe place for local citizens to save their hard-earned money and means to help them buy homes for their families; and

 

Whereas, records show that a for-profit Kingstree Building and Loan had operated in Kingstree earlier but failed in 1925, when the Bank of Williamsburg failed and lost all its deposits, including those of Kingstree Building and Loan; and

 

Whereas, since these leaders wanted the new building and loan profits reinvested in the community, they decided that the depositors would be the owners. In March 1926, they secured commitments from forty local citizens totaling fifty thousand dollars (equivalent to nine hundred thousand dollars in the present day), forming Mutual Building and Loan; and

 

Whereas, on April 1, 1926, the State of South Carolina granted a charter to Mutual Building and Loan. With capital of fifty thousand dollars and officers President Thomas McCutchen, Vice-President E.E. King, secretary and treasurer W. H. Welch, directors A. F. McIntosh, J. P. Gamble Jr., S. B. McGill, J. F. Scott, and Donald Montgomery, and director and attorney J. D. O'Bryan, Mutual Building and Loan began serving the Kingstree community; and

 

Whereas, the Mutual Building and Loan continued to grow and was stable even during the Great Depression, a time when many banks failed. In 1938, the state charter was converted to a federal charter, and the name was also changed to reflect the new charter; and

 

Whereas, Kingstree Federal Savings and Loan was first located on Academy Street next to the present-day Kingstree Insurance Agency. After the first fifty years, Kingstree Federal Savings and Loan moved to the corner of Mill and Academy Streets in the early 1970s, where it is still located today; and

 

Whereas, since March 1926, when Kingstree Federal was founded, there have been seventeen different presidents of the United States, fifteen economic recessions including the Great Depression, the Great Recession, and the COVID-19 recession, as well as twelve major wars and numerous smaller conflicts; and

 

Whereas, because Kingstree Federal Savings and Loan has maintained the founding core principles of providing home financing and strong, stable savings accounts, it has weathered all these storms and continues to grow with open doors; and

 

Whereas, Kingstree Federal Savings and Loan appointed local resident Conrad Kellahan as the president and CEO in September 2025. With his wealth of knowledge of the Kingstree community and the banking industry, the next hundred years look even brighter; and

 

Whereas, the members of the South Carolina Senate greatly appreciate the dedication and commitment that Kingstree Federal Savings and Loan has shown in serving the people and the State of South Carolina.  Now, therefore,

 

Be it resolved by the Senate:

 

That the members of the South Carolina Senate, by this resolution, recognize and honor Kingstree Federal Savings and Loan upon the occasion of its one hundredth anniversary and commend it for a century of business in South Carolina.

 

Be it further resolved that a copy of this resolution be presented to the president and chief executive officer of Kingstree Federal Savings and Loan, Conrad Kellahan.

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